Ronald has not kept detailed accounts, other than the following summarised records of the bank transactions for the year ended 31th December 2021: Notes:

1. The loan was raised on 01 July 2021 with interest agreed at 10% per annum.
2. The Machinery is to be depreciated at 5% per annum.
3. The takings banked were after using $8,000 for personal drawings and $2,450 for buying goods for re-sale. During the year, Leongs premises were burgled and a weeks takings were stolen from the safe, although Leong does not know the amount. The money has not been recovered and it was not insured.

Leong achieves a gross profit of 25% on his sales.

REQUIRED

1. An income statement for the year ended 31^st December 2021, showing your calculation of the cash stolen.
2. A statement of financial position as at 31^st December 2021.

\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Dr } & \multicolumn{3}{|c|}{ Bank Account } & CR \\ \hline 2021 & & $ & 2021 & & $ \\ \hline Jan-01 & Balance b/d & 19,500 & & Trade Payables & 122,450 \\ \hline \multirow[t]{7}{*}{2021} & Takings (Note 1) & 152,000 & \multirow{7}{*}{Dec-31} & Rates & 5,100 \\ \hline & \multirow[t]{6}{*}{ Loan Proceeds (Note 2) } & \multirow[t]{5}{*}{15,000} & & Loan Interest & 750 \\ \hline & & & & Machinery (Note 3) & 20,000 \\ \hline & & & & Equipment & 5,000 \\ \hline & & & & & \\ \hline & & & & Balance c/d & 33,200 \\ \hline & & 186,500 & & & 186,500 \\ \hline \end{tabular} Additional information